Purchasing Property In Singapore7734372
Singapore is an ideal place for these looking to get the best of both worlds the East and West. This is maybe the purpose why Singapore is a preferred location for expat Chinese and other Asians, who'd like their kids get the best education, however stay rooted and close to their culture. Sentosa Cove is a virtual hub for expats who've made this gated neighborhood in the deep sea marina, their home. In fact, there are a number of reports that suggest that Singapore has become the third most well-liked destination for the wealthy Chinese. Here are a couple of highlights to be kept in mind when buying property in Singapore.
• Foreigners in Singapore can buy non landed properties (read apartments and condominiums) without prior approval of the government. This rule is a result of an enactment in 2005 that barred foreigners from purchasing property in apartment blocks that are lower than six storeys or come under the category of condominiums. Nevertheless they still need to seek permission from the Singapore Land Authority to buy landed properties like bungalows, semi-detached houses, and vacant plots.
• They are also restricted from purchasing an HDB shophouse, an HDB house straight from the HDB, a resale HDB flat that is approved by the HDB, and a condominium that is bought below the Executive Condominium Housing Scheme of 1996. This scheme was introduced for individuals who wished to buy some thing better than an HDB flat, but could not afford to buy private property. For the uninitiated, HDB is an acronym for Housing and Development Board- Singapore, the public housing authority of Singapore. This was set up by the government of Singapore, with an aim to assist Singaporeans buy quality home at affordable costs.
• Permanent Residents or PR's are allowed to buy HDB flats directly from the HDB, provided they form a family members nucleus with a Singapore citizen. Pr's can also buy an HDB flat from the resale market offer they enlist at least one occupier as a Singaporean citizen or PR. And to protect individuals from flipping their property, owners looking to sell apartments that are less than 3 years old, would have to pay a duty of 3 per cent of the resale worth. Thus property owners who buy property via simple credit and then sell them quickly for a profit are discouraged from performing so.
• As for properties under the Executive Condominium Scheme, PR's are allowed to buy property in projects that are in their sixth to tenth year of the Temporary Occupation Permit or TOP. As for foreigners and corporate bodies they can buy EC property only after the eleventh year of the TOP.
